REG - NextEnergy Solar Fnd - Scrip Reference Price

NextEnergy Solar FundAnnouncement

25/08/2022 07:00

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RNS Number : 1425X  NextEnergy Solar Fund Limited  25 August 2022

LEI: 213800ZPHCBDDSQH5447

25 August 2022

 

NextEnergy Solar Fund Limited

 

("NESF" or the "Company")

 

Scrip Reference Price

 

NextEnergy Solar Fund, the specialist solar and energy storage climate impact
fund, with a combined installed power capacity of 865MW, is pleased to
announce the reference price of a new Ordinary Share under the scrip dividend
alternative for the interim dividend for the quarter ended 30 June 2022
which has been set at 121.7 pence. This has been based upon the use of the
prevailing Net Asset Value per Ordinary Share. The final date for receiving
elections on the scrip is 2 September 2022.

 

The process for electing to receive Scrip Shares or making changes to an
existing Scrip Dividend Mandate is detailed in the Scrip Circular dated 15
July 2022.

 

If you wish to receive this interim dividend in cash on the whole of your
holding, and do not have a Scrip Dividend Mandate in place, you do not need to
take any further action.

 

If you already have a Scrip Dividend Mandate in place and you wish to continue
to receive Scrip Shares, you do not need to take any further action.

 

The Scrip Circular dated 15 July 2022 can be viewed and/or downloaded from the
Investor Relations part of the NESF website (nextenergysolarfund.com
(http://www.nextenergysolarfund.com/) ). Copies of these documents can also be
obtained from the Company Secretary.

For further information:

 NextEnergy Capital                         020 3746 0700
 Michael Bonte-Friedheim                    ir@nextenergysolarfund.com
 Aldo Beolchini
 Ross Grier
 Peter Hamid (Investor Relations)

 RBC Capital Markets                        020 7653 4000
 Matthew Coakes
 Kathryn Deegan

 Cenkos Securities                          020 7397 8900
 James King
 William Talkington

 Camarco                                    020 3781 8334
 Owen Roberts
 Eddie Livingstone-Learmonth

 Ocorian Administration (Guernsey) Limited  014 8174 2642
 Kevin Smith

Notes to Editors(1):

About NextEnergy Solar Fund

NESF is a specialist solar and energy storage climate impact fund.  The
Company is structured as a renewable energy investment company listed on the
premium segment of the London Stock Exchange that invests in utility-scale
solar power plants and energy storage.  The Company may invest up to 30% of
its gross asset value in non-UK OECD countries, 15% in solar-focused private
infrastructure funds, and 10% in energy storage.

NESF currently has a diversified portfolio comprising of the following:

Solar PV:

100 operating solar assets across the UK and Italy (primarily on agricultural,
industrial, and commercial sites)

·           A 50MW co-investment into a Spanish solar project
alongside NextPower III ESG, currently under construction

·           A 210MW co-investment into a Portuguese solar project
alongside NextPower III ESG, currently under construction

·           A UK solar project under construction (Whitecross 36MW)

·           A ready-to-build UK solar project (Hatherden 50MW)

·           A $50m commitment into NextPower III ESG (a private
solar infrastructure fund providing exposure to both operating and under
construction, international solar assets)

 

Energy Storage:

·           A 50MW standalone battery storage project in Fife,
Scotland, currently under construction (part of a 250MW joint venture with
Eelpower)

·           A 6MW co-located battery storage project at North
Norfolk Solar Farm

 

The NESF portfolio has a combined installed power capacity of 865MW (excluding
NextPower III MW on an equivalent look-through basis).

As at 30 June 2022, the Company had a unaudited gross asset value of
£1,198m, being the aggregate of the net asset value of the ordinary shares,
the fair value of the preference shares and the amount of NESF Group debt
outstanding, and an unaudited net asset value of £717.2m.

NESF's investment objective is to provide ordinary shareholders with
attractive risk-adjusted returns, principally in the form of regular
dividends, by investing in a diversified portfolio of solar energy and energy
storage infrastructure assets.  The majority of NESF's long-term cash flows
are inflation-linked via UK government subsidies.

For further information on NESF please visit www.nextenergysolarfund.com
(http://nextenergysolarfund.com/)

Commitment to ESG

NESF is committed to ESG principles and responsible investment which make a
meaningful contribution to reducing CO2 emissions through the generation of
clean solar power.  NESF will only select investments that meet the
requirements of NEC Group's Sustainable Investment Policy.  Based on this
policy, NESF benefits from NEC's rigorous ESG due diligence on each
investment.  NESF is committed to reporting on its ESG performance in
accordance with the UN Sustainable Development Goals framework and the EU
Sustainable Finance Disclosure Regulation.

NESF has been awarded the London Stock Exchange's Green Economy Mark and has
been designated a Guernsey Green Fund by the Guernsey Financial Services
Commission.

Article 9

NESF is classified under Article 9 of the EU Sustainable Finance Disclosure
Regulation and EU Taxonomy Regulation.

NESF's sustainability-related disclosures in the financial services sector in
accordance with Regulation (EU) 2019/2088 can be accessed on the ESG section
of both the NESF website (nextenergysolarfund.com/esg/
(http://www.nextenergysolarfund.com/esg/) ) & NEC Group website
(nextenergycapital.com/sustainability/transparency-and-reporting/
(https://www.nextenergycapital.com/sustainability/transparency-and-reporting/)
).

 

About NextEnergy Group

NESF is managed by NextEnergy Capital, part of the NextEnergy Group.
NextEnergy Group was founded in 2007 to become a leading market participant in
the international solar sector.  Since its inception, it has been active in
the development, construction, and ownership of solar assets across multiple
jurisdictions.  NextEnergy Group operates via its three business units:
NextEnergy Capital (Investment Management), WiseEnergy (Operating Asset
Management) and Starlight (Asset Development).

 

NextEnergy Capital

NextEnergy Capital comprises the Group's investment management activities.
To date, NEC has invested in over 325 individual solar plants for a capacity
in excess of 2.3GW across it institutional funds.
www.nextenergycapital.com (http://www.nextenergycapital.com/)

·        NextEnergy Solar Fund ("NESF") is a solar infrastructure
investment company focused on the UK and other OECD countries, which is listed
on the premium segment of the London Stock Exchange.  It currently owns 865MW
spread among 100 individual operating assets in the UK and Italy, comprising
an unaudited gross asset value of £1,198m.  NESF is one of the largest
listed solar energy investment companies in the world.

·        NextPower II ("NPII") a private fund made up of 105
individual operating solar power plants and an installed capacity of 149MW,
focused on consolidating the substantial, highly fragmented Italian solar
market.  NPII was successfully divested in January 2022, a 2016 vintage
vehicle that generated net IRRs in excess of its gross target of 10-12%.

·        NextPower III ESG ("NPIII") is a private fund exclusively
focused on the international solar infrastructure sector, principally
targeting projects in carefully selected OECD countries, including the US,
Portugal, Spain, Chile, Poland and Italy.  NPIII is a fund that provides a
positive social and environmental impact to the countries it has and will
invest into.  NPIII completed its fundraise with a total of $896m, including
a SMA raised.  The target of the fund was $750m.

·        NextPower UK ESG ("NPUK") is a private unlevered fund
investing in greenfield subsidy-free solar projects, with PPA's, in the UK.
NPUK was launched in December 2021.  The UK Infrastructure Bank is providing
financing to the initial seed assets of the fund, and plans to invest up to
£250m, half of the fund's total target fund size, on a match-funding basis.

 

WiseEnergy

WiseEnergy® is NextEnergy Capital Group's operating asset manager.
WiseEnergy is a leading specialist operating asset manager in the solar
sector.  Since its founding, WiseEnergy has provided solar asset management,
monitoring and technical due diligence services to over 1,400 utility-scale
solar power plants with an installed capacity in excess of 1.8GW.  WiseEnergy
clients comprise leading banks and equity financiers in the energy and
infrastructure sector.

www.wise-energy.com (http://www.wise-energy.com/)

 

Starlight

Starlight is NextEnergy Group's development company that is active in the
development phase of solar projects.  It has developed over 100 utility-scale
projects internationally and continues to progress a large pipeline of c.5GW
of both green and brownfield project developments across global geographies.

 

Notes:

(1:) All financial data is unaudited at 30 June 2022, being the latest date in
respect of which NESF has published financial information

 

 

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